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Debunking Economics

Chapter 16 p. 193

The Austrian emphasis upon innovation, and the role of the entrepreneur,

The Austrian entrepreneur, in Kirzner's description, is an arbitrageur, pure and simple.  Innovation, in the Schumpeterian sense of new products, new qualities of product, new processes, new sources of supply and new forms of industry organisation is conspicuous by its absence from Austrian theory.  To Kirzner, and so to the Austrian school in general, "there is nothing new under the sun".

 

JML

 

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